Kolkata: Federal Bank today said it was aiming to achieve a total business of Rs 48,000 crore during the current financial year.

"The bank is aiming at Rs 48,000 crore business in 2007-08 from close to Rs 36,000 crore last year," Federal Bank Ltd general manager (East) C Sreekumar said here today.

The bank has already done a business of Rs 42,000 crore and it was confident to achieve the target.

Post rights issue, the paid capital jumped to Rs 170 crore and the bank raised Rs 2140 crore from the issue.

"The networth of the bank had improved to Rs 4,000 crore after the 1:1 rights issue," Sreekumar added.

Speaking about its revived Federal Bank Financial Services (FBFS), Sreekumar said it was operational for three months and doing well.

FBFS carries marketing activities for all retail products of the world.

"In east, it has done a business of Rs 30 crore," Sreekumar said. "All the bank branches have started selling life insurance products of IDBI Fortis in which the bank holds 26 per cent stake," he added.
Source : PTI